Wednesday, November 8, 2017

During a hearing on Monday, a federal judge tossed a bankruptcy case filed by Raphael "I will bury you" Toledano, ending his bid to stop the sale of 97 Second Ave. to Michael Shah’s Delshah Capital, The Real Dealreports.

Both landlords were claiming ownership of the 11-unit building between Fifth Street and Sixth Street. It's a little complicated. Read the Real Deal piece here for the full blow by blow.

According to the documents filed by Shah, Toledano allegedly told him, "I will bury you, literally. I will bury this building and make sure of it."

The 6-story building was one of the first East Village properties purchased by Toledano. Public records show that Toledano paid $4.95 million for it in April 2014.

Toledano reportedly lost control of the property when he defaulted on a $2 million loan.

11 comments:

Tolerano has a mental illness that unfortunately manifests itself in questionable real estate deals and horrendous harassment of tenants. Perhaps a bit of Napoleon complex and Trump/Kushner envy thrown in to boot. He will never stop, he will never be humble, he will never be cured.

It already has a bar/restaurant - a Chinese hot pot type restaurant. Maybe now this building will finish the interior renovations, get rid of the remaining tenants and create more outrageously priced units which will be unaffordable to anyone making less than $1million a year.

What part of “bankruptcy” does Rafi Toledano not understand? He has defaulted on his loans, filed for bankruptcy and is even being evicted from his rented apartment. If he’s a real estate genius then it’s much better to be a real estate idiot. The note on the building was sold, Rafi knows he had no say over ownership since he was the one who defaulted on it, end of story. Yet the Smirking Smurf still acted like he had some kind of leverage in the deal, but too bad, once again he was dealing with people who actually understand how real estate works, as opposed to someone who doesnt have a clue, like himself. I’m starting to think that maybe real estate wasn't his calling after all.

Oh please, Toledano is finished. He said he would never sell the building he was living in because it was for his family, now he’s being evicted from a rented apartment. It’s a joke, this guy was living on borrowed money and borrowed time, but then he couldn’t push out all those rent stabilized tenants fast enough in order to pay off his mortgages. His greedy little scam is over, and the people who loaned him the money were counting on him going belly up so they could swoop in and take away all the properties. That’s the real story here, how Toledano was just a stooge used by the lenders to get thier hands on his deal. It’s called vulture capital, and Rafi is the carcass.

Featured Post

Dora's rumored new romance is now blog official. On Monday, Goggla posted the first photos of Dora ( on the left ) cozying up to the ...

We love tips

Have a story idea or tip about something happening in the East Village? Or maybe a photo? Or several photos? Or video! We'd love to hear about it. Or see it. Or something. Please go here to submit a tip.

Thrillist: The Best NYC Neighborhood Blogs 2017

Named one of the best NYC Neighborhood blogs in 2016

Named Best Local Website New York 2014 by The Village Voice

Named one of the Essential NYC neighborhood blogs 2014

By the way

Here, you'll find things that you may or may not be interested in about the East Village and other parts of New York City. Appreciating what's here while it's still here. Remembering what's no longer here. Wishing some things weren't here that are here.